Mastercard, the leading tech firm of the global payments niche, has announced its collaboration with Envisible, an ARKK Food Company. Founded in 2005, Envisible allows customers and businesses to make informed decisions by rendering greater transparency of the food supply chain system.
As per the reports, Envisible will put forward its renowned traceability mechanism, Wholechain, into use in sync with blockchain-oriented Provenance Solution offered by Mastercard. The two reputed business solutions will be focused to fulfill the requirements of U.S-based food cooperative, Topco Associates, LLC. With the help of the expertise of the two firms, Topco Associates will render its member-owners supermarkets with the golden opportunity to track the supply chain of the seafood as well as highlight its origin for better transparency.
Food City, a member of Topco’s grocery chain, will be the first entity to experience the pilot project’s pros and cons. It will give the platform a fair chance to learn about the ethical sourcing and environmental concerns being undertaken while selecting the seafood sold at the stores. The first seafood delicacies to be tracked through the system will be salmon, cod, and shrimp.
Given consumers’ expectations for reliable information about the food that they eat, we’re excited to partner with Food City and Envisible on this trace and provenance solution pilot, and the promise of Envisible’s Wholechain solution,
quoted Scott Caro, Topco’s senior vice president.
Dan Glei, the respectable Merchandising and Marketing executive vice president of Food City, stated that
Using Envisible Wholechain, powered by Mastercard, our grocers will be able to stock shelves with confidence and also be able to pinpoint issues in the food chain during any unfortunate events such as recalls.
The Mastercard Provenance Solution is a remarkable product operating on the proprietary blockchain technology of Mastercard. It provides deeper penetration into the product supply chain, which helps in getting a clearer picture rendering trust, awareness, and reliability to the consumers.
The senior vice president, Innovation and Startup Engagement of Mastercard, quoted that
The identity of things is becoming even more important as consumers raise demands for transparency. Our provenance solution leverages Mastercard’s established network capabilities, globally-scaled technology, and services, such as payments and counterfeit programs. This allows us to deliver trust, financial inclusion and back-end efficiencies to the marketplace.
Mark Kaplan, a partner of Envisible, stated that
The sheer volume of global trade makes it difficult to track the journey and authenticity of food. We’re excited that Mastercard shares our vision and is driving consumer trust by bringing its significant expertise in using technology at scale with commercial-grade processing speeds, data flexibility and privacy, and security standards to an area that has previously been considerably opaque.
The firm will execute its provenance solution at the Mastercard Booth from October 27-30 at Money20/20 in Las Vegas.